Situational Awareness Deepens AI Power Bets, Adds Bitcoin Miners in Q1 Portfolio Shift

Situational Awareness LP, the AGI-focused investment firm founded by former OpenAI researcher Leopold Aschenbrenner, more than doubled its reported U.S. securities exposure in the first quarter as it expanded bets across AI infrastructure, Bitcoin mining, power equipment and semiconductor-linked options.

The San Francisco-based fund reported about $13.68 billion of total 13F positions as of March 31, up from about $5.52 billion at the end of 2025, according to TheEnergyMag’s analysis of its latest SEC filing. The jump was driven largely by a much larger options book tied to semiconductor and AI infrastructure names, while its direct equity portfolio remained concentrated in companies exposed to the physical buildout of artificial intelligence.

The fund expanded its exposure to AI infrastructure, Bitcoin mining and power-linked equities in the first quarter, adding new stakes in HIVE Digital (NASDAQ: HIVE) and T1 Energy while sharply increasing positions in Keel (formerly Bitfarms), CleanSpark (NASDAQ: CLSK), Riot Platforms (NASDAQ: RIOT), IREN and Applied Digital.

Among the most notable additions, Situational Awareness reported 3.39 million shares of HIVE Digital Technologies, 10 million shares of T1 Energy and 796,108 shares of SharonAI Holdings at the end of the quarter. The fund also opened smaller direct positions in Advanced Micro Devices, ASML, Corning, Micron Technology, Nvidia, Taiwan Semiconductor Manufacturing and the VanEck Semiconductor ETF, though several of those names were paired with much larger put or call positions that represent options exposure rather than direct shareholdings.

The filing points to a broader reshuffling into companies that sit at the intersection of AI data center growth and energy capacity. Situational Awareness increased its Applied Digital stake to 13.48 million shares from 11.34 million at the end of 2025, while lifting its CoreWeave (NASDAQ: CRWV) holdings to 7.18 million shares from 6.10 million. Both companies have become central names in the AI infrastructure trade, with Applied Digital developing data center campuses and CoreWeave scaling GPU cloud capacity. (SEC)

The fund also added to several Bitcoin mining names that have been repositioning around AI and high-performance computing. Its Keel stake nearly tripled to 19.88 million shares from 6.90 million. CleanSpark rose to 12.28 million shares from 1.64 million, while Riot increased to 11.50 million shares from 6.17 million. IREN increased to 11.70 million shares from 8.70 million, and Bitdeer (NASDAQ: BTDR) rose to 3.44 million shares from 1.79 million.

The new HIVE position also fits that theme. HIVE has been positioning its infrastructure and GPU business around AI compute while maintaining Bitcoin mining operations, making it part of the same broader group of miners trying to convert power access and data center know-how into higher-value compute revenue.

But the quarter was not simply an across-the-board mining increase. Situational Awareness exited its direct Cipher Mining position after holding 10.47 million shares at the end of 2025, according to the filings. It also no longer reported direct holdings in Hut 8 (NASDAQ: HUT), which stood at 860,200 shares at year-end, or EQT, which stood at 2.48 million shares in the prior quarter.

The fund also trimmed several infrastructure and energy-adjacent positions. Its Bloom Energy stake fell to 6.49 million shares from 10.08 million, though it still remained one of the portfolio’s largest direct equity positions by market value. Core Scientific (NASDAQ: CORZ), another major AI data center and Bitcoin mining crossover name, declined modestly to 26.01 million shares from 28.76 million. Solaris Energy Infrastructure fell to 1.11 million shares from 1.87 million.

Several Q4 positions disappeared from the direct-equity list entirely, including Coherent, Kilroy Realty, Liberty Energy, Lumentum Holdings and Tower Semiconductor. The fund kept unchanged positions in Babcock & Wilcox Enterprises, Power Solutions International, ProPetro Holding and WhiteFiber.

The latest filing also shows a sizable use of options tied to the AI semiconductor trade. Situational Awareness reported put positions tied to AMD, ASML, Broadcom, Intel, Nvidia, Oracle, Taiwan Semiconductor and the VanEck Semiconductor ETF, as well as call positions tied to Bloom Energy, CoreWeave, Micron, SanDisk and Taiwan Semiconductor. Those positions are reported as share-equivalent exposure in 13F filings and are not the same as direct share holdings.

Taken together, the changes suggest the fund continued rotating around the same core thesis: AI demand is creating a premium for companies with access to power, data center capacity, compute infrastructure and electrical supply-chain leverage. In Q1, that meant heavier direct ownership of selected Bitcoin miners and AI infrastructure developers, while cutting or exiting several earlier power, real estate and optical-component bets.